A micro financial organization we work with in Uganda, Kenya and Tanzania.
Came to Micro Insurance to offer health and life insurance to Smallholder farmers who take loans with OAF.
Claims paid in 5 days, down from 30+
Over $500,000 paid out in claims annually
Over 1.2M lives covered
Farmers have no access to traditional insurance as it is too expensive.
Used field agents and a short movie to explain how insurance works
Policies are difficult to sign up for
Worked with regulator to allow MicroInsurance to verify and pay claims on behalf of insurer
Claims took months to get approved with hidden criteria
Funeral product embedded into the loan and health product a voluntary upsell
Field Operations Project Coordinator, One Acre Fund